AvidXchange Review

Savings on operations

Based on vendor information, AvidXchange can lower your AP and payment processing costs by 60% or more with automation. AP and payment automation eliminates the manual tasks associated with paper invoices and checks. Your team no longer needs to spend hours on paper chasing since AvidXchange can automate your invoice capture, approval, and payment processes. For instance, the software includes OCR technology, which can reduce manual data entry and errors when typing in details of an invoice or document. This feature can save money and time for your AP team. 

Pay suppliers faster

AvidXchange lets you pay suppliers faster with AvidPay and does the process 100% via electronic/digital payment systems. All your staff members need to do is code and approve the payments. AvidXchange then takes over by sending secure payments to your suppliers based on their preferred payment gateway. This also allows your business to take advantage of rebates or discounts by leveraging early payment discounts. With just a few clicks, you can settle invoices and avoid wasted efforts on signing, filing, stamping, and sending paper checks. 

Reduce payment fraud 

With paperless invoice processing and electronic payments via AvidXchange, your business can reduce instances of fraudulent payment requests and unauthorized transactions. E-payment adoption in the platform offers enhanced financial security since it incorporates the latest security and fraud detection features. Moreover, the software allows you to check the status of every invoice so you have better control and visibility of what’s taking place in your accounts payable process. 

Increased productivity 

Productivity and scalability are also distinct advantages of AvidXchange. You can streamline your AP and payment processes and eliminate repetitive and time-consuming tasks. The processes you can optimize with the software include opening and sorting invoices, manual data entry, waiting for interoffice mail or overnight courier for approvals, copying and scanning to archive, searching for lost or misplaced invoices, and fielding inquiry calls tasks.

Automated AP and payment processing is fast, easy to implement, and can secure all invoice and payment data behind an advanced firewall. It allows your AP team to access the invoice information they need with just a few clicks. They can stay organized and on top of transactions. Most importantly, with less time spent on manual work,  you and your team can start focusing more on growing the business and increasing profitability.

Paperless Invoicing

When it comes to paperless processing, the software can help eliminate 100% of paper checks and invoices. Processing paper invoices and checks are time-consuming, costly, and outdated. You can change the way your company pays its bills by switching to an advanced paperless process. Based on vendor data, customers have reduced their processing time by 70%, cut their processing costs in half, and tripled their output without adding employees.

24/7 Remote access and security

AvidXchange provides 24/7 access as it is a web-based platform. However, it does not compromise your security as it comes with features like secure SSAE 16 Facility and backup procedures, 24/7 uptime, sophisticated disaster recovery procedures, and dedicated specialists to provide reliable support to your IT team.